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If Shelton does not make his loan payment, the lender can take the items he listed as collateral. Shelton has a secured loan.
True
False
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GPT-5 mini
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True.
A secured loan is backed by collateral — if the borrower fails to pay, the lender can take the listed collateral to satisfy the debt.
A secured loan is backed by collateral — if the borrower fails to pay, the lender can take the listed collateral to satisfy the debt.
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